Offshore Falklands Seismic Survey Completed

Press Release

Tuesday, April 16, 2013

FOGL, the oil and gas exploration company, reports its 3D survey over the Diomedea Fan (South & East of the Falkland Islands) completed.

The PGS M/V Ramform Sterling has completed a 3D seismic survey over the mid Cretaceous Diomedia fan complex within the southern area licences. A total of 5,235 square kilometres of full fold seismic data have been acquired. The survey was operated by Noble Energy on behalf of the Joint Venture, which includes Edison International Spa and FOGL.

More 3D data were acquired in this survey than originally anticipated. The Diomedea fan system covers a large area and given the favourable acquisition conditions, the Joint Venture deemed it sensible to acquire as much data as possible over prospective areas. The survey was, however, completed within the original budget.

The data will now be processed by PGS and a fast track product will be available for interpretation in approximately four months. It is anticipated that the final processed data will be available in the fourth quarter of 2013. The fast track data will be used to commence prospect mapping and well planning. Initial test lines from the survey indicate excellent data quality and imaging of the Cretaceous target interval.

A second 3D seismic survey, also using the Ramform Sterling, has just commenced. This survey will cover a minimum area of 1,000 square kilometres and will target a number of prospects and leads in FOGL's southern licence area, immediately to the west and north-west of Borders and Southern's Darwin gas-condensate discovery.